Secrets of Success

Budgeting: Pick One Category

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Members Were Sparked

If you're having trouble creating or sticking to a budget, it can help to pick one "problem area" and track every penny you spend in this single category. For example, track the money you spend on dining out and see if that helps you reduce the amount of money you spend in this category.

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budget envelopes

If my spending is getting out of control I go back to all cash for a while. Each pay period I withdraw my budgeted amount in cash and put it into envelopes marked with budget category and amount. Real cash makes me stop before taking money from one envelope to finance a splurge. Works everytime.

Make a budget and beat it!

Try making a budget for yourself (Mint.com is a great free tool to do this). Set yourself a monthly budget. Each month, try to decrease your allowances by 5% (for the things you CAN change) and try to stick to the new budget. Alternatively, reduce your biggest spending categories by 10%! For me, that's restaurants and eating out - good on the wallet and the belly.

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Try setting a percentage reduction factor that's right for you. Mint has a smartphone app that is free as well. Move the difference of money (month 1 - current month) directly into a difficult to access savings account (like a GIC, mutual fund, or one where you have to request the money).

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